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May 10, 2023

Julian Scoffield

Blog Post CryptocurrencyFinancial Regulation

What The SVB Collapse Says About Crypto’s “Most Stable” Stablecoin

The March 2023 collapse of Silicon Valley Bank (SVB) — aside from foregrounding the hypocrisy of neoliberal pundits and libertarian venture capitalists alike — spotlighted the instability of the cryptocurrency industry’s most ostensibly stable offering. Hidden within the uncertainty of SVB’s fate following a $42 billion withdrawal frenzy was a similar crisis of confidence for Circle Internet Financial and its stablecoin, USD Coin (USDC).